Godrej Properties Q4 net down 65% to Rs 18 crore

Godrej Properties today reported a 65 per cent fall in consolidated net profit to Rs 17.92 crore for the March quarter, dragged down by lower sales.
Its net profit stood at Rs 51.44 crore in the year-ago period, the Mumbai-based firm said in a regulatory filing.
Income from operations also fell by 26 per cent to Rs 515.59 crore for the fourth quarter of last fiscal, from Rs 697.98 crore in the January-March period a year ago.
For the entire 2015-16 fiscal, Godrej Properties' net profit moved up 21 per cent to Rs 231.10 crore, from 190.9 crore in the previous financial year.

Income from operations during the fiscal increased by 43 per cent to Rs 2,633.96 crore as against Rs 1,843.09 crore in 2014-15.
Commenting on the results, Godrej Properties MD & CEO Pirojsha Godrej said: "It was a best year for us on every relevant parameter. We registered our highest ever bookings, revenues, EBITDA, net profit, cash flows and deliveries despite a challenging year for the real estate sector."

Asked about decline in net profit during January-March quarter, Godrej said: "This was because no new projects reached the revenue recognition stage".
Moreover, he said, the development management fees was also lower in the fourth quarter.

Godrej highlighted that the company achieved highest ever sales in a financial year at Rs 5,038 crore, "which is likely to be the highest booking value achieved by any publicly listed real estate developer in India."
The sales bookings grew by 88 per cent during last fiscal despite weak market conditions.
Godrej Properties, the real estate arm of the Godrej group, is developing residential, commercial and township projects spread over 115 million sq ft in 12 cities.